The Future of Cash | tutor2u Economics

Money is a broad concept defined by the functions it performs such as being a medium of exchange and a store of value. Most money in the UK is held electronically but around 3% is held in cash in the form of bank notes and coins. Between 20-30% of cash in circulation is for transactional purposes flowing between households, retailers and other businesses prepared to hold cash balances.

Demand for cash continues to grow despite the availability of alternative payment methods such as contactless cards and crypto-currencies such as Bit Coins. But cash will remain with us -indeed the Bank is launching some new polymer bank notes. We have a strong affinity for cash but cash has a future because it meets our needs.

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